This is often due to the specific promises that the policies offer. Especially with income protection, there are certain ways in which you can make your policy more affordable and beneficial for you.

There are many different factors that can have quite a vast reflection on the price you pay for your insurance, for example if you decide on taking out a ‘suited occupation’ or ‘any occupation’ policy option instead of an ‘own occupation’ insurance policy, would most likely assist you on reducing your annual of monthly income protection premiums.

There are certain points which can heavily influence the cost of your income protection insurance. Here are just a few of them:

An income protection policy can vary in cost whether you are male or female. Believe it or not this can have quite a noticeable effect on the amount that you pay, the amount paid to you and the different types of policy that may be made available to you.

Age is an important factor when insurance companies evaluate income protection for you. Depending on your age from when you begin taking out your policy will definitely have an obvious effect on the price of your premiums as older people tend to get charged higher rates or premiums simply because of the fact that the older you are the more chances there are of you suffering from accidents or debilitating illnesses.

Your health status at the time of taking out your policy also can decide on the cost of your insurance cover. For example if you have a history of past health issues, if you are currently experiencing health issues or there is a strong chance of an inherited disorder that could lead to a definite claim in the future, your premiums would be considerably higher, if in fact you even qualified for acceptance.

Other aspects such as your job description and your lifestyle are typically monitored to determine the risks of sustaining an injury or accident. For example if you smoke, work in a stressful environment such as on the stock market or in quite extreme conditions such as working with heights or volatile chemicals, it is certain that you will pay more than someone who has a desk job and is a non smoker.

Additionally if your favourite pastime is to abseil rocky crevasses, ride mountain bikes or swim with sharks for example, you will find that you spend more on your premiums than those who collect stamps or enjoy a quiet afternoon on the family patio, tending to their gardens.